Home Ready 97
Fannie Mae Home Ready Program was created in December 2015 to aid households in lower-income neighborhoods and in minority-heavy areas get access to low down payment mortgages at today’s current rates. Below are highlights of the program:
- Does not need to be a First-Time Home Buyer
- Non-occupying borrower can help qualify
- Down payment as low as 3 Percent
- Fees and Mortgage Insurance requirements are lower than standard 97% conventional loans
- Income for non-borrowing household members can be used as a compensating factor to allow higher debt-to-income ratios
- No minimum borrower contribution
- Flexible sources of funds can be used for down payment and closing costs.
- Mandatory borrower education required
Call us today to see if you qualify for this program 631-589-3600
